Credit insurance and surety specialist Xenia has bought the UK whole turnover trade credit and surety business of Tysers Insurance Brokers.

The transaction completed on January 11 and marks Xenia’s eighth acquisition to date and fifth in the last nine months.

Xenia was formed by managing general agent Nexus Group in 2019 as part of Nexus’ plan to continue the strategic expansion of its broking operations both in the UK and internationally. The unit consolidates Nexus’ broking activities, segregating them from the group’s underwriting operations.

Since then, Xenia has acquired numerous businesses, including the whole turnover trade credit and financial and specialty risk teams from Lloyd’s insurance broker Parker Norfolk & Partners.

As part of the transaction, Martyn Locke, client director at Tysers, will transfer to Xenia with the client portfolio.

Welcoming Locke to the company, Tim Coles, Xenia CEO, says: “In addition to gaining Martyn’s experience and long-standing trade credit relationships, we look forward to Martyn playing a key role in expanding our London presence, including in support of our financial and speciality division and supporting growth of our surety capability.”